​How many times have you heard, "Shhh...you shouldn't tell people about your financial situation!"⁠

WHY? Like seriously, why is/was this ever a thing?⁠

Because of this statement a lot of us find ourselves out for dinner with friends ordering just a small appetizer because "we had a big lunch," or we find ourselves buying Christmas gifts outside of our budget because, "Well that is what they will be spending on me."⁠

And this is NOT about telling people you can't "afford" it or you are too "poor," this is negative money thoughts. It's about letting your friends in on your financial goals and priorities.⁠

Once you start talking about your financial goals and priorities I promise your friends and family will be on your side! And I bet they will even start their own!⁠

Now you're saying, "okay Jenn, this all seems great, but bringing it up it intimidating and nerve wracking!" Here are a few suggestions on how you can bring your finances into the conversation in a natural way:

• "Instead of dinner out, would everyone like to come to my house for a potluck? I'm working on saving for my 1st house and prioritizing my spending."
• "Who would be interested in making Christmas gifts this year? I almost have my credit card paid off and I'm motivated and don't want anything to set me back from reaching my goal."
• "This sounds like a fun day you have planned. I'm going to plan to join you after lunch. I'm currently paying off my student loan and it is my biggest priority right now, If I join after lunch, I'll be able to stay on track with my loan and participate and be present for the rest of the day!"

The examples above can be molded to fit most situations.

The important part is that you stay positive! Talk about your priorities and goals, and the more you talk about these the more you are keeping yourself accountable.

When you let your friends and family know about your goals and priorities, they will understand your decisions and will also motivate you to reach these goals! 

I know you can do it!!

Jennifer H.
Xo

​Explicit Content Warning ⛔️ Mileage Log - Create and Maintain one!⁠
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Let me guess, your accountant or business advisor has told you that you need to have and manage a vehicle mileage log for tax time. ⁠

But the end of year is coming and all you have is a blank page of paper 🗒️...did I catch you?⁠

I’m here to help you through the process and provide some insight and tips on how to manage it.⁠

The Canada Reveune Agency (CRA) provides 2 different methods for maintaining your mileage logbook:

1. Full Logbook
2. Simplified Logbook

The full logbook is what you would expect, keeping track of all of your mileage for the year, each and every year.

The simplified logbook however allows you to maintain a logbook for a period of 1 year which establishes a base year. Each year going forward you are only required to maintain a logbook for a period of 3 months and as long as it is within a range of 10% from your base year, you are then able to use your base rate as your multiplier. I know, it doesn't sound simplified, but let me break it out in an example:

Mike's Carpentry managed its log and determined it drove a total of 1,000kms in year 1; 200kms were related to personal use. Therefore 80% was business related and 20% was personal.

In year 2, Mike's Carpentry kept a log for only 3 months and determined in those 3 months it drove 400kms and 72kms were related to personal use. Therefore 82% is business related and 18% is personal.

Mike's Carpentry's base log and 3 month sample is within a 2% range and therefore Mike's Carpentry can use the rate of 80% against all vehicle expenses for year 2 and no longer needs to manage a log.

The simplified method can be very beneficial if you typically travel the same each year. 

If your travel can fluctuate or you like to just get in the habit of maintaining your log each year here are a few tips you can use to help you:

• Also record your beginning and end of year odometer reading.
• Instead of tracking each km as you drive, remember Google maps can be your best friend. Sit down each Friday and map out and record your week. For example, you traveled from Halifax to Windsor everyday for work, Google maps would show that is 63kms each way therefore you know you traveled 630kms for work in the week.
• Take advantage of the many different apps that provide mileage tracking, many are built into your accounting software like QuickBooks. Other ones available are: MileIQ, TripLog, and Hurdlr.
• Put a notebook in your car and make the km log part of your day when you start the car in the morning and park it in the evening.

Mileage logs can be on our side, we just need to utilize the tools available to us, like apps and Google maps :)

Jennifer H.
Xo

Have you ever said, “I’m bad with money?”⁠

The amount of times I have heard this statement is ONE too many times! I need you to immediately remove this statement from your vocabulary, like NOW! ⁠

We have learned that negative self talk is bad for our mental health. Finances are also a part of our mental health and by using this statement we are participating in negative self talk. ⁠

Positive thoughts create positive results 💸

Did you know that:

• 48% of Canadians say that they have lost sleep because of their financial worries (1)
• 41% of Canadians overall site money as their biggest problem (1)
• You are twice as likely to report poor overall health if you are dealing with financial stress (2)

But how do we get out of this? We start with goals and POSITIVE THOUGHTS and talk about money. We know if we are serious about accomplishing something, we don't talk negatively about it, we "pump" ourselves up, we get excited, and we tell ourselves we CAN DO IT.

Money should be no different! If you want to start taking control of your finances and increasing your mental wellbeing, you MUST start with a positive attitude amount your money and situation.

• When you are completing your money check in on your accounts, put on some upbeat music.
• When your credit card statement comes in, celebrate any success, maybe that you were able to make an additional $10 payment. Or you made your monthly payment so you are now paying less interest. 
• When you wake up in the morning and you get dressed and tell yourself you look slamming in that outfit also say, and I rock with money!

You will be surprised how quickly your financial situation will improve when you create positive thoughts about it!

(1) Financial Planning Standards Council, “OMNI REPORT: Financial Stress,” 2018.
​​(2) https://www.canada.ca/en/financial-consumer-agency/services/financial-wellness-work/stress-impacts.html

There is always confusion on whether a business needs to set up a GST/HST account. Just because your business is earning money, it doesn’t necessarily mean that you need to set up a GST/HST account with Canada Revenue Agency (CRA).
​
If your business does charge GST/HST to its customers on services/products sold, the business is required to remit these funds to the CRA. You will also be eligible to claim the GST/HST your business pays on business related expenses, these are called input tax credits (ITCs).

The $30,000 Rule 
This rule is often the beginning of the confusion. If your business makes less than $30,000 in a total of 4 consecutive calendar quarters, you are considered a small supplier and are not required to open a GST/HST account. You would not charge this GST/HST to your customers.

Once your business makes revenue of $30,000 in 4 consecutive calendar quarters or less you are no longer considered a small supplier and are required to open your GST/HST account and begin charging GST/HST to your customers.

Here are the three scenarios that are most common and help you understand when you are no longer considered a small suppler and must open a GST/HST account.

​See the scenarios in the below table to determine if you are a small supplier:

Other Reasons to Register for a GST/HST Account
Even if you have not reached the $30,000 threshold there are still other reasons you may want to register for an account:

• If your business plans on being your full time gig I'm guessing your plan is to make over $30,000, by setting one up at the beginning you save yourself from needing to track when you hit the threshold.
• Again, if your goal is to make over $30,000, you may want to save customer confusion by having consistent pricing from the beginning. Customers may get confused when the rates are one thing one day and change the next.
• Often times at the beginning of a business, you are spending (investing) a lot but not quite making the sales. If you register your account in the beginning you are able to take advantage of the HST credits on the purchases you make.
• If your business is more of a hobby and you never plan to hit the $30,000, there isn't any need to register an account.

I hope this was of help to you. Let me know if you have any questions.

Jennifer H.
Xo